Loans

Sheffield Credit Union specialise in personal loans of up to £5,000. We offer a great range of personal loan products to suit your circumstances, all at low interest rates and with flexible terms.

Here’s why we are different…

  • If you apply directly to Sheffield Credit Union, your loan decision will always be made by a real life person.
  • We never decline someone just because they have a low credit score.
  • If your application is approved, we will always try to offer you the cheapest product that you are eligible for, or give you options if there is a choice. We will also recommend ways that you can obtain even cheaper loans from us in the future.
  • When we reduced (yes reduced!) the interest rates on two of our loan products, we didn’t just offer the new rate on new applications – we spent a couple of days adjusting the rates for the members who already had one of those loans outstanding too.
  • As you make your loan repayments on time, we report that information back to Experian, helping you to improve your credit record.

We now have 5 great personal loan products for you to choose from, each with unique benefits

  • Starter Loans for those wanting to borrow up to £1,000 who do not have eligible savings* with us.
  • Gold and Loyalty Loans (Savings Based Loans) for those who have built up eligible savings with us and who want to take out a loan of up to £10,000 at low interest rates by leaving these savings with us as security.
  • Homeowner Loans for those who own their own home and wish to borrow from £1,000 to £10,000 for any purpose (subject to good credit record).

All of our personal loans are subject to affordability and credit checks.

*eligible savings are savings that have been built up consistently over at least 12 weeks.

Any Purpose Considered

  • We will consider a loan for any personal loan purpose. Please note we do not consider applications for business loans.

Low Rates

  • Our interest rates are designed to be some of the best rates on the high street.  We have always been one of the cheapest suppliers of loans under £2,000.  Now with our Payroll and Home-Owner Loans we are also taking on the high street banks on loans of up to £5,000!

No Fees

  • It costs you nothing to apply once you are a member and have paid the small one-off joining fee.
  • No loan arrangement fees or set-up costs.

No Early Repayment Charges

  • No hidden costs or penalties for early repayment
  • Save interest by making additional payments with no penalties

Easy to Apply

  • Our application process is simple and straightforward. If you haven’t already signed up for our Online Services, what are you waiting for?

Need help?

  • Our friendly and knowledgeable staff can help you through every step of the process – why not contact us?

Still Deciding?

Why not see which of our great loans you may be eligible for, or use the loan calculators to see how little interest you would pay compared with other lenders?

For those looking for a larger loan, why not see how our Homeowner Loans compare to the other high-street options in the example below? This example is based on you borrowing £4,000 over 36 months with one of our Homeowner loans.

(click image to enlarge)